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Weekly Market Report

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With Mark Dyson, Managing Director

March 12, 2010

Market 'holds the line' despite dollar rise

DESPITE the Australian dollar edging higher against the Greenback, wool prices remained in positive territory this week.

The Eastern Market Indicator closed the week at 916 cents per kilogram clean - 1c/kg higher than last week.

With the Australian dollar hitting 91.2 US cents toward the end of the week compared with around 90 US cents last week, it equated to a 9c/kg rise in US dollar terms.

A smaller offering of 35,200 bales was put under the hammer and achieved a 90 per cent clearance.

Prices followed the trend of recent weeks, with finer wools easing a little and broader types gaining a little ground.

Wool of 22-24 microns attracted the strongest demand.

Crossbred types also continued to perform well and prices for oddments increased slightly.

Buyers were especially active in the Southern Region, although Chinese buying was a little mixed this week compared with the normal pattern. Some Chinese buyers were subdued, while others enhanced their market presence.

National offerings in coming weeks will continue to be slightly down on the same period last year, although a jump back to more than 45,000 bales has been scheduled for next week.

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